Minnesota banks getting bailed out: the list
Posted on January 30th, 2009 – 10:39 AMBy James Shiffer
ProPublica, a non-profit investigative reporting outfit, has set up a handy reference tool so people can track the $300 billion in bank and other business bailouts approved by the Treasury Department. Here’s the current list that includes Minnesota-based banks, as well as Wells Fargo, which has major operations here:
Wells Fargo (San Francisco): $25 billion
U.S. Bancorp (Minneapolis): $6.599 billion
TCF Financial (Wayzata): $361.2 million
HMN Financial/Home Federal Savings Bank (Rochester): $26 million
Crosstown Holding Company/21st Century Bank (Blaine): $10.7 million
Redwood Financial (Redwood Falls): $2.995 million
This week, President Obama had harsh words for the generous bonuses Wall Street executives awarded themselves while taxpayers were bailing out their companies. Earlier this week, Treasury Secretary Timothy Geithner announced that the government would make the Troubled Asset Relief Program, popularly known as TARP, more transparent by posting additional documents online - a welcome development, in Whistleblower’s opinion, for a program at least five times larger than Minnesota’s annual state spending.
18 Responses to “Minnesota banks getting bailed out: the list”
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January 30th, 2009 at 11:17 am
I don’t know how anyone in their right mind
could take those bonuses for the “job” they did.
Its a travesty of justice that taxpayer money
is going to these “theives” to pay out “bonuses”
what incentive is there for these people to do a
good job if they still get their “bonuses” even if
these banks fail and the government has to bail them
out?
January 30th, 2009 at 1:03 pm
Let’s have the Bailout Bowl at the u stadium be an annual event.
January 30th, 2009 at 1:41 pm
Wells Fargo posted a quarterly loss of about $2.6 billion as the banking giant was hit by credit write-downs while losses at Wachovia, which it recently acquired, topped $11 billion.
San Francisco-based Wells Fargo also appears to have helped its case with investors by maintaining its quarterly dividend of 34 cents a share and saying it has no plans to request additional capital under the Treasury Department’s Troubled Asset Relief Program, or TARP.
**Once you have read this, also read how Paulson forced banks like Wells Fargo to take bailout money when they didn’t need it.
January 30th, 2009 at 1:54 pm
US Bank announced their decision to participate in the
Treasury’s Capital Purchase Program (TARP) in early
November and issued the preferred stocks and warrants
in mid-November, 2008. At this date they have not
utilized this additional capital. If necessary, they
may choose to use it in the future in order to expand
their already growing commercial and consumer lending
practices. The TARP program presented US Bank with a
low cost source of capital and you may recall that they
were the last large bank to accept the TARP funds
offer. This was really because it was not essential
from a capitalization perspective for U.S. Bank to
obtain additional capital…but from a competitive
position it made sense to pursue.
January 30th, 2009 at 2:06 pm
tdh, so if I understand this message, US Bank took the money but hasn’t used it yet - but it would have been bad business to refuse it
January 30th, 2009 at 2:29 pm
Yes you understand correctly. The public also need a better understanding of how the banking business works instead of only what the media portrays.
January 30th, 2009 at 2:36 pm
Well said K.O. ^^
January 30th, 2009 at 3:22 pm
Redwood Financial Inc. is not in Redwood Falls, MN. It is in Redwood City, CA, among other locations. No business from Redwood Falls would screw up so bad or thereafter take federal money to make it go away. Folks down there are too good for that.
January 30th, 2009 at 3:31 pm
There may well be a Redwood Financial in Redwood City, California, but there’s a bank in Redwood Falls that got nearly $3 million from the TARP, if Treasury is to be believed
January 30th, 2009 at 3:33 pm
This is disgusting. It’s like a business deciding not to pay their creditors.
No offense Mr. Harte.